According to **Daily Post**, the pump price of Premium Motor Spirit (petrol) is nearing N1,400 per litre in several parts of Nigeria as international supply chains face severe strain. The price hike is linked to the continued closure of the Strait of Hormuz and the recent exit of the United Arab Emirates from OPEC, which has injected fresh volatility into global crude markets.
The situation is further complicated by the failure of global powers to negotiate a ceasefire in the Middle East, leading to increased freight and insurance costs for imported refined products. Many filling stations across Nigeria have adjusted their prices upward, sparking fears of a new wave of transport and food inflation.
**Vanguard** reported that “zoning won’t save Nigeria” from these urgent economic shocks, while **The Guardian** highlighted how “aviation and maritime” sectors are also reeling from the rising cost of energy.
**Echotitbits take:** With petrol hitting N1,400, the subsidy-free era is being tested by extreme global events. If prices don’t stabilize, the government may face significant social unrest or be forced to reintroduce some form of “temporary” price relief.
Source: Leadership – https://leadership.ng/petrol-at-n1400-labour-manufacturers-economists-seek-government-intervention/, April 30, 2026
Photo credit: Leadership
